The week started very quiet with low volatility on Monday. USD traders are expecting for Fed’s Beige Book and Fed Chair Yellen’s testimony later in the week. Euro and British pound have been traded in a range overall.
U.S. Dollar Broadly Upbeat Despite Market’s Calm
The U.S. dollar has been broadly upbeat on Monday, while there were no market-driver economic indicators or speeches from the U.S. to impact the currency. The labour market conditions index for July, slipped to 1.5, below market expectations of 2.5 and 2.3 the prior month. On the other hand, the consumer credit change, jumped to $18.41B in May versus market expectations of $12.70B, showing that consumers can afford larger expenses. USD traders are waiting for Fed’s Beige Book on Wednesday and then Fed Chair Janet Yellen’s semi-annual testimony on Thursday to open their positions.
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